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20121222
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benefits to the jobless and to maintain the bush-era middle class tax cuts but at this point can we avoid the "fiscal cliff"? it is still possible but experts say with every passing hour it becomes more difficult. >> well, we're now at the last minute. the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> reporter: congressional leaders left the white house after trying to negotiate an 11th hour deal to avoid the "fiscal cliff" of tax hikes and spending cuts that begin on january 1. the president emerged shortly after admitting no deal had been reached at least not yet. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion. >> reporter: the senate is in session today and is expected to return on sunday along with the house. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and
the automatic tax hikes and spending cuts kick in january 1. disagreements over how much to raise the taxes and cut spending continued to separate democrats and republicans. president obama called on house speaker john boehner to come back to the negotiating table and avoid the "fiscal cliff." >> as of today, i am still ready and willing to get a comprehensive package done. >> the remarks came after speaker boehner failed to gather enough of his party's support to bring his so-called plan b to the floor for a vote. his proposal would have effectively raised taxes only on those americans making more than a million dollars a year. house and senate members will be back at the capital on december 27th looking for that solution. >>> wall street worried about the "fiscal cliff" talks, stocks closed sharply lower today. the dow dropped more than 120 points. the nasdaq fell 29 points. the s&p dropped, as well. >>> california cannot stop people from using the so-called conversion therapy to try to turn gay minors straight. the federal appeals court issued an emergency order late this afternoon putti
agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democratic senate plan that extends tax cuts for families making less than $250,000 a year. >> that's the only option that is viable escape route. >> reporter: but republican leaders say it's up to democrats who control the senate and white house to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and extraordinary measures would have to be taken to avoi
. >> this would undo a lot of the good of the extra taxes carolinianstns are willing to invest. particularly special needs would have cuts as much as 10 10%. also, the meals program. >> it is not just the immediate cuts that worries the local officials. it is also the on going uncertainty that comes from the stalemate in washington, a stalemate that bay area officials fear could affect the economy just when it is starting to recover. >> we are looking guard to a better economy. this would ruin all the progress that has been made. >> it is a signal that we can't get together. that is probably the worst decisions in the future. >> the fear is the uncertainty will go on, even if there is an agreement. the cuts may come but it is the uncertainty in these times and the one for new investment to be becoming in the bay area that has local officials worrying we may just wind up sinking into the mud once again. phil matier. back to you. >> i think a lot of peel thought this staring contest wouldn't have gone on. >> reporter: some people thought the election might have answered some of these questions
Search Results 0 to 3 of about 4